The lowest offer for the tender was for 60,000 tonnes of French wheat at $179.44 a tonne free-on-board (FOB) from Soufflet.
Last month, GASC had to cancel an international wheat tender after being offered unsatisfactory prices by only four traders.
The position has been assigned to Ahmed Embabi, the head of research at the ministry's Agriculture Research Centre.
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The PBDAC, which is currently under the jurisdiction of the ministry of agriculture and not the CBE, will be restructured.
Traders were cautious about the letter sent by Egypt's Agriculture Ministry stating it would allow traces of ergot fungus in wheat imports.
Suppliers have been presenting offers to GASC with a risk premium for the past two tenders due to uncertainty about the allowed limits of ergot.
World's largest wheat buyer unable to get satisfactory prices in the aftermath of rejecting a french shipment for reported high ergot levels.
A high level of ergot in wheat can cause serious health problems if consumed.
The plan is to trade eight commodities through 2 million contracts in the first year while targeting 9.5 million contracts in five years.
Front-month March on the Euronext milling wheat futures market was down 2.25 euros at a contract low of 161.50 euros a tonne by 1657 GMT.
Egypt rejected a French wheat cargo shipped by trader Bunge Ltd. because of contamination with ergot, a fungus that can cause health problems.
Russian wheat comprises a majority of the 5 million tonnes purchased by Egypt's main state wheat buyer GASC during this fiscal year.
In November, the cabinet approved the establishment of a company with a capital of LE15 billion (around $2 billion) to manage the megaproject.
Corn and soybean prices also edged up although ample global supplies of both commodities helped to cap gains.
Egypt will start buying local wheat from farmers at the average global price starting next season changing the way it subsidises its wheat growers.
The cost of the project is expected to exceed $10 billion. It is scheduled to be partially operational by 2017.
The farm will have a highly positive impact on both countries and their people.
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